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EOS EVM, the Ethereum-compatible version of the EOS network, has just undergone a major upgrade. v0.6.0 of the protocol brings a number of new features and improvements that make the network more developer-friendly. The main attraction is the support of USDT, whose ERC20 version can now be trustlessly transferred to EOS EVM.
The lead developer of the EOS Network Foundation has also created better compatibility between the original EOS network, known as EOS Native, and EOS EVM. This makes it easier for developers to create applications that draw their logic from EOS Native events. In turn, the creation of more Dapps on EOS EVM should open the floodgates to decentralized finance, including platforms for lending, savings and trading.
A small step for EOS
With version 0.6.0 of the EOS EVM there are a number of improvements, some major and some minor. Not all of these will be noticeable to end users – at least not at this point. However, they are likely to reap the benefits later as more EOS EVM dapps come online. The introduction of USDT support is touted as the key benefit of this upgrade, and with good reason. Users can now withdraw USDT directly from any CEX to their EOS EVM account.
As the EOS Network Foundation summarizes in its release notes: “This update not only brings significant technical improvements to the EVM’s underlying infrastructure, but also introduces new features to enhance the ecosystem’s DeFi capabilities.” That maybe “The most anticipated element of this release is the ability for users to bridge USDT from the EOS Native layer to the EOS EVM in a completely trustless manner.”
Aside from Tether, the most important news in this upgrade is the bi-directional support between EOS Native and EVM. It is now possible to bridge altcoins between chains, and the improved communication between virtual machines also brings other benefits. For example, a dapp can be deployed on the EVM chain that draws its logic from the native chain.
It’s all about DeFi
The EOS Network Foundation has made it clear that it sees trustless Tether bridging as crucial to achieving its goal of bringing DeFi to life on EOS EVM. It lists half a dozen reasons why decentralized finance is booming on EOS, citing greater liquidity, better risk management, support for new DeFi protocols like lending, suitability for decentralized remittances, yield farming, and the fact that stablecoins are better from a new user onboarding perspective.
Although there is still a long way to go for DeFi on EOS EVM to catch up with activity on other EVM chains, there are reasons to be optimistic about the prospects. On the one hand, the EOS Network Foundation is focusing much of its energy on bringing this use case to life, including grants and technical improvements, all aimed at supporting DeFi protocols. On the other hand, the superior scalability of EOS EVM, not only compared to Ethereum, but also to other EVM chains such as Avalanche, speaks in its favor.
There is still a lot of work to be done to turn EOS EVM into a DeFi playground. But the release of v0.6.0 is an important step toward transforming the Solidity-compatible EOS network into fertile ground for decentralized financial innovation.
Disclaimer: This article is for informational purposes only. It is not offered or intended to constitute legal, tax, investment, financial or other advice.
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